In this press release, IQDAX takes a closer look at how to day trade for success and shares some helpful tips for aspiring day traders.
Day trading, also called Intraday trading, is the act of buying and selling of financial assets within the same day or trading session. This press release covers some basic tips for beginner traders to day trade for success.
1. Keeping The Day Job
The very last thing for beginner traders to do at the start of the trading journey is quitting day job. One thing novice traders may want to do more than anything, is quit their day job. But it’s vital that they do not.
A day job provides the security and income which will set them up regardless of how successful day trading becomes. A lot of time is needed to settle into own trading strategies and see real success before even considering saying goodbye to the office.
Some people can make a full-time living as a day trader; others dabble and are happy to keep their activities at that level. It is always worth to try things out and see how it goes in the beginning.
2. Making It Affordable
Putting all the money into trading since the very beginning is dangerous. The markets can be fickle, and the trader never knows when things could turn against him. Gaining more experience will help navigate the world of trading in a more financially successful way, but even so – one small mistake with cash a trader cannot afford to lose could have a damaging impact on his life.
It is always a must to budget for how much is available to day trade and be sure to stick to these limits.
3. Making It Profitable
Day traders tend to use margin to increase buying power and often use technical analysis over fundamental analysis, dealing with market action without much concern for the underlying causes to secure profits in a shorter period of time.
However, research on financial instruments is always required to become familiar with the realities of the potential risk/reward, staying on the safe side, and wherever possible under the supervision of an expert trader.
4. Using A Secure & Trusted Platform
There is plenty of shady operators in the day trading space, so going with a trusted platform, such as IQDAX, will help stay in control.
IQDAX uses top-level advanced DDoS protection from several providers including Cloudflare to protect from DDOS attacks. The platform provides Extended Validation SSL protection for its clients protecting all data sent over the Internet by encrypting it.
Only a small portion of the company’s assets are kept in the hot wallet; the majority of the funds is kept in the cold wallet, and only the top management executives are allowed to manually transfer any funds from the cold to the hot wallet.
IQDAX is also designed to be easy to use, so it is easy to get to grips with the world of trading without having to navigate through too much jargon.
Ready to start your day trading journey with IQDAX?
IQDAX offers the ideal starting point for getting to grips with day trading, while simultaneously offering room for more experienced traders to access the worldwide markets.
Find out more by heading to the official website at https://www.iqdax.com/.